Brokerages Set Sonoco Products (NYSE:SON) Price Target at $59.00

Shares of Sonoco Products (NYSE:SON) have received an average rating of “Hold” from the five ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $59.00.

A number of brokerages have recently issued reports on SON. Truist Financial started coverage on Sonoco Products in a research report on Tuesday, November 26th. They set a “buy” rating and a $63.00 target price on the stock. Citigroup boosted their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, Robert W. Baird lowered their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th.

Hedge Funds Weigh In On Sonoco Products

Several large investors have recently bought and sold shares of the business. Raymond James & Associates boosted its holdings in shares of Sonoco Products by 5.4% in the 2nd quarter. Raymond James & Associates now owns 102,935 shares of the industrial products company’s stock valued at $5,221,000 after buying an additional 5,301 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Sonoco Products by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock valued at $1,002,000 after buying an additional 298 shares during the last quarter. Argyle Capital Management Inc. boosted its holdings in shares of Sonoco Products by 12.7% in the second quarter. Argyle Capital Management Inc. now owns 31,133 shares of the industrial products company’s stock valued at $1,579,000 after acquiring an additional 3,500 shares during the period. Panagora Asset Management Inc. raised its position in Sonoco Products by 49.0% in the 2nd quarter. Panagora Asset Management Inc. now owns 85,032 shares of the industrial products company’s stock valued at $4,313,000 after purchasing an additional 27,951 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Sonoco Products in the second quarter valued at about $644,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

Shares of NYSE SON opened at $49.20 on Tuesday. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 2.14 and a beta of 0.67. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The firm’s 50 day simple moving average is $51.19 and its 200-day simple moving average is $52.42. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 EPS. Analysts expect that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.23%. Sonoco Products’s payout ratio is 71.48%.

Sonoco Products Company Profile

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.